The Asian Financial Crisis

Author : Russell Napier
Publisher : Harriman House Limited
Page : 259 pages
File Size : 54,8 Mb
Release : 2021-07-20
Category : Business & Economics
ISBN : 9780857199157

Get Book

The Asian Financial Crisis 1995–98 by Russell Napier Pdf

In the space of a few months, across Asia, a miracle became a nightmare. This was the Asian Financial Crisis of 1995–98. In this economic crisis hundreds of people died in rioting, political strong men were removed and hundreds of billions of dollars were lost by investors. This crisis saw the US dollar value of some Asian stock markets decline by ninety percent. Why did almost no one see it coming? The Asian Financial Crisis 1995–98 charts Russell Napier’s personal journey during that crisis as he wrote daily for institutional investors about an increasingly uncertain future. Relying on contemporaneous commentary, it charts the mistakes and successes of investors in the battle for investment survival in Asia from 1995–98. This is not just a guide for investors navigating financial markets, but also an explanation of how this crisis created the foundations of an age of debt that has changed the modern world.

Author : Wing Thye Woo,Jeffrey Sachs,Klaus Schwab
Publisher : MIT Press
Page : 300 pages
File Size : 49,6 Mb
Release : 2000
Category : Business & Economics
ISBN : 0262692457

Get Book

The Asian Financial Crisis by Wing Thye Woo,Jeffrey Sachs,Klaus Schwab Pdf

This book analyzes the Asian financial crisis of 1997-1999. In addition to the issues of financial system restructuring, export-led recovery, crony capitalism, and competitiveness in Asian manufacturing, it examines six key Asian economies--China, Indonesia, Japan, Korea, Malaysia, and Thailand. The book makes clear that there is little particularly Asian about the Asian financial crisis. The generic character of the crisis became clear during 1998, when it reached Russia, South Africa, and Brazil. The spread of the crisis reflects the rapid arrival of global capitalism in a world economy not used to the integration of the advanced and developing countries. The book makes recommendations for reform, including the formation of regional monetary bodies, the establishment of an international bankruptcy system, the democratization of international organizations, the infusion of public money to revive the financial and corporate sectors in Pacific Asia, and stronger supervision over financial institutions. The book emphasizes a mismatch in Pacific Asia between investment in physical hardware (e.g., factories and machinery) and in social software (e.g., scientific research centers and administrative and judiciary systems). In a world of growing international competitiveness, concerns over governance will weigh increasingly heavily on unreformed Asian countries. The long-term competitiveness of Asia rests on its getting its institutions right.

Author : William C. Hunter,George G. Kaufman,Thomas H. Krueger
Publisher : Springer Science & Business Media
Page : 513 pages
File Size : 41,7 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9781461551553

Get Book

The Asian Financial Crisis: Origins, Implications, and Solutions by William C. Hunter,George G. Kaufman,Thomas H. Krueger Pdf

In the late 1990s, Korea, Thailand, Indonesia and Malaysia experienced a series of major financial crises evinced by widespread bank insolvencies and currency depreciations, as well as sharp declines in gross domestic production. This sudden disruption of the Asian economic `miracle' astounded many observers around the world, raised questions about the stability of the international financial system and caused widespread fear that this financial crisis would spread to other countries. What has been called the Asian crisis followed a prolonged slump in Japan dating from the early 1980s and came after the Mexican currency crisis in the mid-1990s. Thus, the Asian crisis became a major policy concern at the International Monetary Fund as well as among developed countries whose cooperation in dealing with such financial crises is necessary to maintain the stability and efficiency of global financial markets. This book collects the papers and discussions delivered at an October 1998 Conference co-sponsored by the Federal Reserve Bank of Chicago and the International Monetary Fund to examine the causes, implications and possible solutions to the crises. The conference participants included a broad range of academic, industry, and regulatory experts representing more than thirty countries. Topics discussed included the origin of the individual crises; early warning indicators; the role played by the global financial sector in this crisis; how, given an international safety net, potential risks of moral hazard might contribute to further crises; the lessons for the international financial system to be drawn from the Asian crisis; and what the role of the International Monetary Fund might be in future rescue operations. Because the discussions of these topics include a wide diversity of critical views and opinions, the book offers a particularly rich presentation of current and evolving thinking on the causes and preventions of international banking and monetary crises. The book promises to be one of the timeliest as well as one of the most complete treatments of the Asian financial crisis and its implications for future policymaking.

Author : Morris Goldstein
Publisher : Peterson Institute
Page : 236 pages
File Size : 45,8 Mb
Release : 1998
Category : Business & Economics
ISBN : 088132261X

Get Book

The Asian Financial Crisis by Morris Goldstein Pdf

The turmoil that has rocked Asian markets since the middle of 1997, and that is now having such deep effects on the economies in the region, is the third major currency crisis of the 1990s. This study explains how the Asian crisis arose and spread. It then outlines the corrective policy measures that could help end the crisis, and the shortcomings that have been revealed in the international financial system that require reform to reduce the chances of a recurrence.

Author : Gregory W. Noble,John Ravenhill
Publisher : Cambridge University Press
Page : 322 pages
File Size : 47,9 Mb
Release : 2000-09-11
Category : Business & Economics
ISBN : 0521794226

Get Book

The Asian Financial Crisis and the Architecture of Global Finance by Gregory W. Noble,John Ravenhill Pdf

An examination of the political and economic causes and consequences of the Asian financial crises.

Author : Andrew Sheng
Publisher : Cambridge University Press
Page : 505 pages
File Size : 42,5 Mb
Release : 2009-09-28
Category : Business & Economics
ISBN : 9781139481915

Get Book

From Asian to Global Financial Crisis by Andrew Sheng Pdf

This is a unique insider account of the new world of unfettered finance. The author, an Asian regulator, examines how old mindsets, market fundamentalism, loose monetary policy, carry trade, lax supervision, greed, cronyism, and financial engineering caused both the Asian crisis of the late 1990s and the global crisis of 2008–9. This book shows how the Japanese zero interest rate policy to fight deflation helped create the carry trade that generated bubbles in Asia whose effects brought Asian economies down. The study's main purpose is to demonstrate that global finance is so interlinked and interactive that our current tools and institutional structure to deal with critical episodes are completely outdated. The book explains how current financial policies and regulation failed to deal with a global bubble and makes recommendations on what must change.

Author : C. Harvie,Tran Van Hoa
Publisher : Springer
Page : 243 pages
File Size : 46,6 Mb
Release : 2016-01-20
Category : Business & Economics
ISBN : 9780333982945

Get Book

The Causes and Impact of the Asian Financial Crisis by C. Harvie,Tran Van Hoa Pdf

As witness to one of the world's great crises in recent times, academics and students, business people, national and international government analysts, policy makers and political leaders worldwide have been pre-occupied by an effort to adequately unravel or sufficiently understand the factors that have brought about the so-called Asian financial, currency or economic crisis and hopefully to find plausible cures or solutions to it. This book examines the impact of economic globalization in developing economies and it applies empirical studies of all of the major countries to theoretical perspectives on the crisis.

Author : Stephan Haggard,Jean-Dominique Lafay,Christian Morrisson
Publisher : OECD
Page : 140 pages
File Size : 41,5 Mb
Release : 1995
Category : Business & Economics
ISBN : STANFORD:36105020514290

Get Book

The Political Feasibility of Adjustment in Developing Countries by Stephan Haggard,Jean-Dominique Lafay,Christian Morrisson Pdf

Author : Mohamed Ariff,Ahmed M. Khalid
Publisher : Edward Elgar Publishing
Page : 552 pages
File Size : 52,5 Mb
Release : 2000-01-01
Category : Business & Economics
ISBN : 1781952736

Get Book

Liberalization, Growth, and the Asian Financial Crisis by Mohamed Ariff,Ahmed M. Khalid Pdf

This work examines the effects of financial liberalization of the more advanced economies in Southeast Asia and analyses the degree to which emerging and transitional economies in East and South Asia can benefit from this example.

Author : Stephan Haggard
Publisher : Columbia University Press
Page : 304 pages
File Size : 52,7 Mb
Release : 2010-10-01
Category : Political Science
ISBN : 9780881323085

Get Book

The Political Economy of the Asian Financial Crisis by Stephan Haggard Pdf

The Asian crisis has sparked a thoroughgoing reappraisal of current international financial norms, the policy prescriptions of the International Monetary Fund, and the adequacy of the existing financial architecture. To draw proper policy conclusions from the crisis, it is necessary to understand exactly what happened and why from both a political and an economic perspective. In this study, renowned political scientist Stephan Haggard examines the political aspects of the crisis in the countries most affected—Korea, Thailand, Malaysia, and Indonesia. Haggard focuses on the political economy of the crisis, emphasizing the longer-run problems of moral hazard and corruption, as well as the politics of crisis management and the political fallout that ensued. He looks at the degree to which each government has rewoven the social safety net and discusses corporate and financial restructuring and greater transparency in business-government relations. Professor Haggard provides a counterpoint to the analysis by examining why Singapore, Taiwan, and the Philippines escaped financial calamity.

Author : Morris Goldstein
Publisher : Peterson Institute for International Economics
Page : 104 pages
File Size : 52,7 Mb
Release : 1998
Category : Financial crises
ISBN : UCSD:31822023059355

Get Book

The Asian Financial Crisis by Morris Goldstein Pdf

The turmoil that has rocked Asian markets since the middle of 1997, and that is now having such deep effects on the economies in the region, is the third major currency crisis of the 1990s. This study explains how the Asian crisis arose and spread. It then outlines the corrective policy measures that could help end the crisis, and the shortcomings that have been revealed in the international financial system that require reform to reduce the chances of a recurrence.

Author : Peter Nolan
Publisher : Routledge
Page : 345 pages
File Size : 53,5 Mb
Release : 2021-06-01
Category : Business & Economics
ISBN : 9781134411078

Get Book

China in the Asian Financial Crisis by Peter Nolan Pdf

The widely held view of the Asian Financial Crisis is that it had no substantial impact on China. In fact, the country was far more vulnerable than most people realized, due to the high possibility of financial contagion entering the system from Hong Kong through Guangdong province. This book analyzes the severe policy challenge that it presented for China’s leaders. The crisis in Guangdong’s financial institutions provided a forewarning of the difficulties that lay ahead as China’s integration with the global financial system deepened. The experience of Guangdong in the Asian Financial Crisis provided a profound lesson for China’s policy-makers as they planned the country’s strategy for financial reform in the following years. China was able to avoid disaster by astute and difficult policy choices, in the face of fierce pressure from outside the country, as well as from different domestic interests at many different levels. The successful resolution of the crisis provided a breathing space for the leadership. It gave it time to undertake necessary reforms in the country's financial system in the decade that followed the crisis.

Author : Shalendra Sharma
Publisher : Manchester University Press
Page : 409 pages
File Size : 52,9 Mb
Release : 2018-07-30
Category : Business & Economics
ISBN : 9781526137685

Get Book

The Asian Financial Crisis by Shalendra Sharma Pdf

This electronic version has been made available under a Creative Commons (BY-NC-ND) open access license. The Asian financial crisis of 1997-98 shook the foundations of the global economy and what began as a localised currency crisis soon engulfed the entire Asian region. What went wrong and how did the Asian economies long considered 'miracles' respond? How did the United States, Japan and other G-7 countries respond to the crisis? What role did the IMF play?. Why did China, which suffers many of the same structural problems responsible for the crisis remain conspicuously insulated from the turmoil raging in its midst?. What explains the remarkable recovery now underway in Asia? In what fundamental ways did the Asian crisis serve as a catalyst to the current thinking about the "new international financial architecture"?. This book provides answers to all the above questions and more, and gives a comprehensive account of how the international economic order operates, examines its strengths and weaknesses, and what needs to be done to fix it.

Author : Yunpeng Zhu,Hal Hill
Publisher : Edward Elgar Publishing
Page : 280 pages
File Size : 49,6 Mb
Release : 2001-01-01
Category : Business & Economics
ISBN : 1782541942

Get Book

The Social Impact of the Asian Financial Crisis by Yunpeng Zhu,Hal Hill Pdf

This volume presents a scholarly insider's perspective on the Asian economic crisis, examining the social, economic and political consequences of the crisis in six influential Asian economies: Indonesia, Korea, Malaysia, the Philippines, Taiwan and Thailand. Each chapter contains an analysis of the events leading up to and during the crisis, the social impacts and an assessment of possible futures for these countries. The contributors expertise and use of up-to-date data ensures an integrated approach by which the process of economic change can be understood. The book reveals that professional workers in the urban financial sector, as well as manual labourers in the export sector, felt the most dramatic effects. Impacts on the latter group resulted in a significant rise in the population living below the poverty line. The book emphasises the previous absence of strong social security 'nets' and the need to strengthen macroeconomic policies and institutional, legal, regulatory and supervisory structures. Other topics covered include intractable government corruption and fiscal management.

Author : Eddy Lee
Publisher : International Labour Organization
Page : 112 pages
File Size : 51,7 Mb
Release : 1998
Category : Asia
ISBN : 9221108503

Get Book

The Asian Financial Crisis by Eddy Lee Pdf

This study examines the social impact of the Asian financial crisis which began in July 1997. Several countries experienced an economic shock of unprecedented severity after decades of uninterrupted growth. The severe rise in unemployment and its repercussions in the worst-affected countries (Thailand, Republic of Korea and Indonesia) overwhelmed the underdeveloped systems of social protection. Higher unemployment and inflation combined to push many people into poverty. A central policy message is that current programmes of policy and institutional reform following the crisis, should include a basic rethinking of the social dimension of the future model of development. The author also argues for the introduction of unemployment insurance, the expansion of social assistance and the strengthening of active labour market policies.